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Rebuilding Your Business From COVID-19 Losses
No doubt about it, COVID-19 has hammered businesses across the United States and caused great financial damages. The outbreak has forced many businesses to close their doors to stop the spread of the virus. Unfortunately, business owners still have to eat, and this has left them struggling to make ends meet. In fact, the unemployment rate within the United States shot through the roof at 14.7% in April 2020, a new all-time high that has caused harm that will take years to recover from. How can someone rebuild from the damages after COVID-19?
Take Inventory of the Damage
While painful to do, people should take inventory of the damage done to their business. They have to give it a realistic assessment. Update financial statements such as the profits and the losses that have taken place recently. In this way, people will have the ability to compare their numbers from this year and the previous year, which will help them to figure out where to go from there. This can help business owners to figure out how far behind they might be from it.
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Jason Kumpf 